LBRY Predicts Own Demise Following SEC Court Battle

LBRY, a digital asset firm that was the target of a Securities and Exchange Commission (SEC) enforcement action, has taken to Twitter to predict its own demise stating it will “probably be dead in the near future.”

In the Spring of 2021, the SEC filed charges against LBRY, alleging that issued digital assets were, in fact, securities.

According to the SEC’s complaint, between 2016 and 2020, LBRY allegedly sold over 13 million LBC tokens to the public via trading platforms. LBRY is said to have sold LBC for Bitcoin, then valued at $5 million. In total, the SEC alleges that LBRY received more than $11 million in U.S. dollars, Bitcoin, and services from purchasers who participated in its offering.

LBRY was a platform for content such as images and video etc., that sought to utilize its native token to operate a “free, and fair network for digital content.”

Earlier this month, a drawn-out legal battle with the SEC was lost as the judge handling the case determined that LBRY did “not have a triable defense.”

LBRY did state that it expects the LBRY mission to continue, but the company is doomed due to legal and SEC debts.

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